- Founders: Bonny Dave and Akshita Sachdeva
- Business: Visual Impaired Devices
- Ask: ₹60 lakhs for 1% equity
- Valuation/ Networth: ₹60 Crores
- Funding: ₹60 lakhs for 6% equity
- Sharks: Peyush Bansal and Ronnie Screwvala
- Episode: Season 3 Episode 16
Kibo by TRESTLE LABS Shark Tank India Pitch:
Kibo by TRESTLE LABS is an AI-powered patented technology capable of reading any document out loud in multiple languages to assist blind and visually impaired individuals. It can read up to 60 languages in printed, handwritten, and digital formats, and translate them into 100 languages. Kibo is far ahead in India in language recognition, handwriting recognition, translation with high contextual accuracy, and real-time conversion of text to audio in MP3 format. In India, more than 2 crores people under the age of 50 are blind or visually impaired.
Kibo by TRESTLE LABS Financials & Revenue during Shark Tank India:
Kibo is associated with over 600 institutions and has empowered 1 lakh individuals. In its product suite, there are 4 offerings: the Kibo mobile app subscription priced at ₹89 per month or ₹979 yearly, Kibo web software, Kibo XS available for a one-time payment of ₹99,000, and Kibo 360 model offered at ₹2.5 lakhs for the first year and ₹2 lakhs yearly thereafter.
For FY19-20, sales amounted to ₹22 lakhs with a 5.5% net margin, while in FY20-21, they reached ₹28 lakhs with a 4% net margin. Subsequently, in the following financial year, sales increased to ₹36 lakhs with a 7% net margin. FY22-23 saw sales of ₹1.35 crores, and the projected sales for FY23-24 are ₹5 crores with a 30% net margin. Sales are divided with 10% to B2C and 90% to B2B.
Who are the founders of Kibo by TRESTLE LABS?
Kibo, founded in July 2019 by Bonny Dave and Akshita Sachdeva, operates under TRESTLE LABS. Akshita hails from Faridabad, Haryana, and completed her computer engineering degree in 2016. Meanwhile, Bonny, originally from Ahmedabad, pursued mechanical engineering.
Kibo by TRESTLE LABS Shark Tank India Negotiations & Funding:
Ronnie and Peyush were the first sharks to give a combined offer of 60 lakhs for 10%. Radhika was the first shark to opt out as she believes she cannot add that value. Anupam believes they have a small business, and there will be scalability issues in the future, as their technology is also very core. Aman was also interested and offered 60 lakhs for 4%. Peyush and Ronnie explained how they could assist them. Aman also explained how he could help them and revised the offer to 60 lakhs for 3%. The founder countered it with 60 lakhs for 1.5% equity for 3 sharks.
Aman opted out of negotiations as he could not match that offer. Peyush told them this is the beginning of their business, and they have to make a better counteroffer. Ronnie revised the counteroffer to 60 lakhs for 5%, and Peyush countered with 60 lakhs for 6% equity. The deal was finalized.
How is Kibo by TRESTLE LABS doing after Shark Tank India?
Our research into the company revealed that while Kibo by TRESTLE LABS did secure a deal on Shark Tank India, whether their deal has gone through yet is still not fully clear. While the early signs suggest that it has not yet closed, this could just mean that they are still in due diligence. We will update this information as soon as we get more information on the situation.
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Source: Instagram @trestlelabs
Here are other companies from Season 3 Episode 16.